Memorandum to create Black Sea submarine cable project four countries' joint venture to be inked
Memorandum to create Black Sea submarine cable project four countries' joint venture to be inked
12:07, 30.05.2024

Following the decision made at the 7th ministerial meeting held in Georgia on May 15, 2024, Zviad Gachechiladze, a member of the Board of Directors of the State Electricity System of Georgia, signed a memorandum of cooperation with the power transmission network operators of Azerbaijan, Hungary, and Romania. This agreement is part of the Strategic Partnership in the green energy development and transmission fields.

The document defines a common cooperation framework to initiate the necessary procedures for a joint venture’s creation in Bucharest, which should facilitate the implementation of the Green Energy Corridor project in the future.

The meeting discussed the procedural and technical details for creating a joint venture as part of the strategic cooperation among the four countries.

The Green Energy Corridor project aims to transport renewable energy from Georgia to Eastern and Central Europe by building transmission infrastructure such as the Black Sea Submarine Cable.



By - Svetlana Alimova

Economics
Black Sea submarine cable
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